Ethereum recently broke its impulsive upward sloping channel that began on July 4th.
However, the uptrend from Ethereum's June 18th $880 bottom is still intact.
As a result, we expect ETH to bounce from the 0.382 or 0.618 retracement levels.
Whether this bounce will power a further long-term uptrend is up for debate. Considering Ethereum's double top formation and inability to reach about $1270, we expect continued choppy price movement with a bearish bias.
However, the uptrend from Ethereum's June 18th $880 bottom is still intact.
As a result, we expect ETH to bounce from the 0.382 or 0.618 retracement levels.
Whether this bounce will power a further long-term uptrend is up for debate. Considering Ethereum's double top formation and inability to reach about $1270, we expect continued choppy price movement with a bearish bias.